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23 May, 10:32

Why must most people get a mortgage to buy a home?

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  1. 23 May, 10:36
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    Because most persons don't have that kind of cash up front and also to build credit.
  2. 23 May, 10:56
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    A mortgage allows the potential homeowner the chance to spread the payments out over a period of several years. The average mortgage loan is 30 years. Obviously the number one reason for a mortgage is because the person buying the home does not have the money to pay cash and must borrow the money over time from a mortgage company which will be paid back with interest. Anyone having 100,000 dollars cash (median price for a house, depending on the location), would not need to borrow the money.
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